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CHFA Loans, Rates & Info

CHFA Loans, Rates & Info

CHFA (Colorado Housing and Finance Authority) works to provide affordable housing for lower income Coloradans. CHFA's program is available to both first time and non first time homebuyers.

CHFA offers 30-year, fixed rate, affordable interest loans through our network of approved lenders. You can apply through a participating lender, a CHFA approved bank or a financial institution. After loan approval, CHFA services your mortgage which means you will make your mortgage payment to CHFA.

CHFA Offers:

  • 30-year Fixed Rate Mortgages
  • Optional Mortgage Credit Certificate
  • Affordable Rates
  • Free Homebuyer Education Classes
  • A Network of Qualified, Experienced Lending Partners (American Financing is a Participating Lender) Ready To Help You Become a Homebuyer

CHFA SmartStep and CHFA SmartStep Plus

The CHFA SmartStep and CHFA SmartStep Plus statewide Mortgage Loan programs are available to first time homebuyers, eligible veterans, or non-first time borrowers purchasing property located in a targeted area. These programs offer affordable interest rates and a 30 year term. CHFA SmartStep Plus includes a 30 year fixed rate second mortgage loan to assist with down payment and/or closing costs.

Borrowers must meet income and purchase price limits, as well as complete a CHFA approved first time homebuyer education class. CHFA SmartStep and CHFA SmartStep Plus loans are not subject to the IRS Recapture Tax and may be used in conjunction with the Mortgage Credit Certificate (MCC) program. Here's how you qualify. More detailed program information can be found here.

CHFA HomeOpener and CHFA HomeOpener Plus

CHFA HomeOpener and CHFA HomeOpener Plus are statewide first mortgage programs available to homebuyers. There are no purchase price limits or First Time Homebuyer requirements, and mortgage loans originated in these programs are not subject to the Recapture Tax provision. The CHFA Second Mortgage Loan may not be used with the CHFA HomeOpener program; however, the CHFA HomeOpener Plus program includes the CHFA Second Mortgage Loan to assist with down payments and/or closing costs. More detailed program information can be found here.

CHFA SectionEight Homeownership Program

Homebuyers who receive Housing Assistance Payments (HAP) from Public Housing Authorities (PHA) are approved by the PHA to participate in their homeownership programs may be eligible for CHFA SectionEight Homeownership Program. There are purchase price limits and income limits. Mortgage Loans originated in this Program are not subject to Recapture Tax provisions. The CHFA SectionEight Plus Second Mortgage Loan may be used for down payment and/or closing costs. More detailed program information can be found here.

CHFA HomeAccess

First Time Homebuyers who are disabled or the parent(s) of disabled children may be eligible for CHFA HomeAccess. A First Time Homebuyer is defined by CHFA as one who has not had an ownership interest in a primary residence for the three years prior to the mortgage loan closing. First mortgage and Second mortgage loans originated in this program may be subject to the recapture tax provision. This program has income and purchase price limits. This program has very limited funding. More detailed program information can be found here.

CHFA Mortgage Credit Certificate Program (MCC)

You may remember the federal First Time Home Buyer Tax Credit from 2010, the one-time tax credit that sparked a dramatic increase in home sales. That program has ended but CHFA has something even better for you now. The CHFA Mortgage Credit Certificate (MCC) program will help you save money each year that you live in your home! With the MCC program you can claim 20, 30, or 50 percent of the mortgage interest you pay each year as a tax credit on your federal IRS tax returns. The remaining interest paid is still eligible for the home mortgage interest deduction. See Tax Examples on this page.

The Mortgage Credit Rate is based on your loan amount.

  • 20% MCC $150,001 or greater - no cap on the amount of interest taken as a tax credit
  • 30% MCC $100,001 to 150,000 - $2,000/year cap
  • 50% MCC $100,000 or less - $2,000/year cap

Every year you live in the property, you may claim a dollar-for-dollar reduction of income tax liability on the percentage of the interest paid on your first mortgage, reducing the amount of federal taxes owed.

The CHFA MCC program is for first time homebuyers purchasing a home, non-first time buyers purchasing in targeted areas of Colorado or for eligible veterans purchasing in targeted or non-targeted areas of Colorado.

Our Mortgage Process

With every client, we strive to make this your best mortgage experience through a seamlessly easy mortgage process and exceptional customer service.

  • You will be greeted by a live person when you call.
  • We will give you proactive updates on the status of your mortgage.
  • Our goal is to be your Go-To-Lender. Your mortgage consultant will be there to answer any of your questions and guide you through every step of the mortgage process. Your convenience is our priority; in turn we can meet you at your home, schedule a time to meet in our office, or utilize eSign from your personal computer.
  • Information needed for a fast closing:
    • Last 2 pay stubs from each job
    • Last 2 years Tax Returns and W-2's (all schedules)
    • Last 3 months checking, savings, and investment account statements
    • Homeowner's declarations page (shows insurance coverage amounts of home and its contents)
    • Copy of 1st and 2nd (if applicable) mortgage(s) and note(s). Most recent statement(s) on those mortgages if available
    • Prior title work and appraisal
    • Copy of divorce decree and bankruptcy papers (if applicable)
    • Letter of explanation on and derogatory credit or prior bankruptcy
    • Final purchase agreement(s) and listing sheet
    • If self-employed see your mortgage consultant for requirements
    • Certification of Eligibility or DD214's (VA only)
    • Address of other real estate owned
  • Have Questions? You can call us, chat with us online, or send us an email You can also join us on Facebook or follow us on Twitter to stay on top of changes in the mortgage industry.

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